Article 23 - Own initiative action by the QFC Authority

(1) The QFC Authority may exercise any of the powers or take any of the steps set out in Article 23(2) in respect of a Licensed Firm that is not an Authorised Firm at any time where it considers it appropriate to do so in accordance with its Objectives, including where it is satisfied that:
(A) a Licensed Firm is failing, or is likely to fail, to satisfy applicable criteria;
(B) a Licensed Firm has failed, during a period of at least 12 months, to carry on a Permitted Activity for which it has a Licence;
(C) it is desirable to take such steps to exercise such power in order to protect the interests of clients or customers of a Licensed Firm or the interests of the QFC;
(D) a Licensed Firm is in breach of, or has been, in breach of one or more conditions, restrictions or requirements applicable to its Licence;
(E) a Licensed Firm is (or has been) otherwise in breach of the QFC Law, these Regulations or any Rules or other relevant legislation; or
(F) a Licensed Firm has, during the course of making application for a License or at any subsequent time, provided information to the QFC Authority which is false, misleading or deceptive.
(2) The powers and steps referred to in Article 23(1) are, by written notice to the Licensed Firm, to:
(A) impose or vary such conditions, restrictions and requirements on a Licence as the QFC Authority shall consider appropriate;
(B) require a Person specified in the condition, restriction or requirement to take or refrain from taking such action as the QFC Authority considers appropriate; or
(C) withdraw the Licensed Firm'sLicence or vary its Licence to remove one or more Permitted Activities.
(3) Subject to Article 23(4), the QFC Authority may only exercise powers or take steps pursuant to Article 23(2) where it has provided the relevant Licensed Firm beforehand with an appropriate opportunity to make representations to the QFC Authority in relation to the proposed steps and has given due consideration to those representations in determining the steps to be taken.
(4) The requirement on the QFC Authority under paragraph 23(3) above shall not apply:
(A) where the QFC Authority concludes that any delay likely to arise as a result of the requirement to allow representations contained in Article 23(3) is prejudicial to the interests of the clients or customers of the Licensed Firm, or the interests of the QFC (provided in such case that the QFC Authority shall provide the Licensed Firm with an opportunity to make such representations promptly after such powers have been exercised or steps taken and shall give due consideration to such representations); or
(B) where the powers to be exercised or steps to be taken follow a determination by the QFC Authority pursuant to procedures as set forth in its rules or a decision by the Tribunal relating to or affecting the Licensed Firm in question.